Debt Consolidation Loans for Doctors

As a Medical Doctor or Dentist, you have seen your debt bills rising year after year. At times it may seem that there is always a need to finance new equipment or make changes within your office that require additional funding. With multiple loans for your practice, you can get lost in repayment, often paying more than you need to. Debt Consolidation for Doctors and Dentists may be the best option for your practice, allowing you to lower your interest rate and reduce your monthly payment, leaving more money within your practice to allow growth and success.

Whether your practice is on the verge of bankruptcy due to excessive debts, or you are simply looking for a better way to manage your finances, you can get the help you need through debt consolidation. Just like any other business, you must first weigh the pro’s and con’s to debt consolidation to help determine if this is the right option for your practice.

What is Debt Consolidation?

Debt consolidation is the process of obtaining one loan which will pay off all of your smaller loans, leaving you with one monthly payment rather than several. The goal of debt consolidation is to get a lower interest rate and reduced monthly payment, as well as to help you manage your practice finances better and allow you to pay off your debts faster.

Secured or Unsecured Loans?

If debt consolidation is the best option for your practice you now need to determine if you should take out a secured or unsecured loan.

With a secured loan you use business or personal property to secure the loan through the bank. If you fall behind on repayment of the loan the lender can take the property you have used to secure the loan.

An unsecured loan is simply based on your promise to repay the loan. There is no property used to secure the loan that could be repossessed or foreclosed if you fail to repay the loan as promised. While an unsecured loan does not put your personal or business property at risk, it does often have a higher interest rate than a secured loan.

Debt Consolidation with a Secured Loan

When using a secured loan for debt consolidation you are faced with many different options. You can refinance your business real estate, taking out a second mortgage or take out an equity line of credit. You can also use other business or personal assets to secure a loan.

Pros of Consolidating With a Secured Loan

Secured loans typically have lower interest rates in comparison to unsecured loans, helping to save your practice money on interest payments. Along with the lower interest rate you will see your monthly payment will be lower and even more affordable. The interest you pay on this loan may even be tax deductible when secured with real estate. With a lower interest rate, and lower monthly payment you will be faced with less of a financial burden when paying back your practices debt.

Cons of Consolidating With a Secured Loan

The biggest risk with debt consolidation using a secured loan is that your business or personal property is at risk. If you can not repay the loan, you could lose your home, car, business and what ever asset you used to secure the loan.

The term of a secured loan is often longer than the current debt obligations you are choosing to consolidate. In the long run the total interest that you pay over the life time of the debt consolidation loan would be greater than the current interest on the individual debts, even if the monthly payment is lower.

Debt Consolidation Through Unsecured Loans

An unsecured loan for debt consolidation is commonly used, however they are much harder for any practice to obtain. Typically you will have to have a good credit rating.

Pros of Consolidating With an Unsecured Loan

The biggest pro to an unsecured debt consolidation loan is that your personal and business property is not at risk. Even though the interest rate may be higher than a secured loan, it may be less than is charged on your existing practice debts, lowering your interest burden and your payment.

Cons of Consolidating With an Unsecured Loan

An unsecured debt consolidation loan can be difficult to obtain if your credit is not the best. Many people who apply for unsecured debt consolidation are not approved. Interest rates to unsecured loans are often much higher than those for secured loans. This could make no difference in your practices monthly payment, offering no financial relief.


Kayleen M
Kayleen M
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American Business Credit exceeded my expectations! They were so helpful from the very beginning of the process to the end. Everyone I came into contact with were very professional and had valuable incite to help me with any hesitations and questions that I had. I am very impressed with the service they provided. Craig Johnson was my main advisor through this process and I would high recommend him based on his expertise, guidance, and service he provided to me as a client. Any financial needs I have in the future I will be a returning customer of American Business Credit. Thank you Craig for all your hard work.
Derek J
Derek J
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American Business Credit was extremely knowledgeable, professional, and helpful from start to finish. My loan processor Craig was extremely helpful, answering all of my questions as they arose. They delivered the exact results promised during our first call in a timely manner. Highly recommend.
Eduard A
Eduard A
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I am so glad I found ABC, every company or lender I talked to told me we needed to have revenue on our business to get a loan, well we are a start up, and need the loan to get started generating revenue. ABC was able to get us funded at great rates in a short amount of time. I definitely plan on using them again as our business grows!
Erik R
Erik R
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Amazing! Kina Jackson was sooooo helpful and made the process a breeze! We weren't sure what we could get as a start-up and needed a ton of equipment to get our business going. Kina dug deep and found us what we needed to fund our equipment needs and we can't thank her enough! Thanks again Kina and American Business Credit! Stop by the store next time you're in Vegas! - Erik Rogers, Veg-In-Out Market
Cassandra M
Cassandra M
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Kina was amazing to work with. As a new business owner and limited credit history, she really went to bat to ensure my business plan was heard by the lenders, so they felt confident in investing with me. Highly recommend!!

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